The Financial Post reports in its Saturday edition that an office tower in Los Angeles is facing foreclosure a year after the owner, an affiliate of Brookfield Asset Management, walked away from the building. A Bloomberg dispatch to the Post says that the notice of trustee's sale for the Gas Company Tower, located at 555 West 5th St., was filed March 21 with the Los Angeles County Recorder's office, setting the stage for a foreclosure sale as soon as 90 days after the filing. The foreclosure comes as the value of office buildings has plunged amid higher vacancies. Elevated interest rates have also weighed on prices, making it difficult for building owners to refinance debt. The price for office space in downtown Los Angeles is averaging about $141 a square foot, according to a note Wednesday by Barclays PLC (all figures U.S.). A nearby Brookfield tower at 777 S. Figueroa is being sold for about $145-million, roughly 50 per cent less than the outstanding debt on the property. The Gas Company Tower was appraised in 2020 at $632-million but is now worth closer to $200-million, based on the $141-square-foot price cited by Barclays.